 Online
Gambling Industry Booming in Gibraltar
If you ask people all over
the world if they know where Gibraltar is most people would look
bemused and have absolutely no idea. For those people who do
know where it is, they associate Gibraltar with an enormous rock
at the bottom of Spain, where wild monkeys roam around pilfering
tourists picnics.
In the past few years Gibraltar has been beginning to make a
name for itself in the online gambling industry. There are over
fifteen online gambling companies based in Gibraltar and many of
these are listed on the London Stock Market. The online gambling
industry there employs over 1,800 people which is more than
twelve percent of its entire workforce. This figure is quite
astounding when you consider that the total population is around
27,000 and the gross area of Gibraltar is only 2.5 square miles
or 6.5 square kilometers.
Gibraltar is an overseas territory of the United Kingdom located
on the Iberian Peninsula where Spain and Morocco almost touch,
at the Western most point of the Mediterranean. The area is
usually in the news because Spain requests the return of the
sovereignty but almost all Gibraltarians wish to remain under
the rule of the United Kingdom.
British betting operators began the online gambling business in
Gibraltar in 1989 when a couple of sports betting operators
opened offices in Gibraltar and began taking wagers over the
telephone. It soon proved to be popular as these online gambling
operators offered much lower taxes on the winnings than any
other book makers operating out of the United Kingdom. From
these modest beginnings, this huge industry was built.
Freddie Ballester a spokesperson for the territory's Betting and
Gaming Association referred to Gibraltar as a "minute speck on
the globe, but when it comes to online gambling, Gibraltar is
more than likely one of the most important jurisdictions in the
online gambling world".
As the online gambling industry continues to expand in
Gibraltar, workers are migrating from other regions and
countries for jobs in the online gambling area. It is estimated
a 75% of online gambling workers have attempted to move to
Gibraltar for jobs in this booming region.
The CEO of one of the online gambling industry's largest
operators commented on the appeal of Gibraltar. He said that
"the Gibraltar government wants to keep the online gambling
industry here and that makes things very attractive, so I can't
see the online gambling industry moving from here at any time in
the future". He added that the "government sees the benefits and
the needs of the business and the tax situation means that more
can be returned to the share holders".
With this current agreeable situation the online gambling
industry can only go from strength to strength. Customers are
always on the look out for the most conducive conditions for
gaming and the Gibraltarian arm of the industry is more than
happy with the positive reaction they have been getting from
government and gamers alike.
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